Indeed, today the evolving world economy is faced with several business challenges, and from the straight-forward perspective it always remains procurement, which having sourcing as its subset, directly impacts a company’s bottom line performance and competitiveness. Specifically, in today’s resource-constrained world, there is an imperative to do more with less, and conveniently effective procurement strategy not only allows one to negotiating the most favourable payment terms, but also establishing robust relationships with reliable and affordable suppliers. However, there can never be just one right ‘solution’, it all depends on efficiently attempting to delivering solutions without compromising quality, securely & timely, backed with innovative technologies in place.
In the past few years, dealing with continued fallout from the global pandemic and its many ripple effects, as India has consistently worked towards fighting the shortcomings, the country can be seen strengthening its roots through seamless integration of multiple modes of transportation by leveraging technology, processes, and skilled manpower. While the recent exponentially amplified trade statistics of India, recording the highest ever value of merchandise exports are a testament to it, the government is buoyant about hitting the $500 billion export target in FY 2023 through important initiatives.
But, driven by the megatrends such as globalization & sustainability, as the supply chain mapping complexity keeps growing involving procurement, purchasing, sourcing or combination of all, the backdrop to all of this can be combated by reviewing diversity of existing supplier bases & enrolling initiatives to improve upon supplier diversity, emphasizing on enhanced third party Due Diligence & Market intelligence, promoting supplier diversity, and leveraging basic automation and AI automation to help fasten the process. Alchemy Global is one of the dynamically growing sourcing and procurement services company in India that stands out due to its extensive services & products portfolio to comprehend today's various business operations.
The Journey along Inception
Established in Feb 2020, Alchemy Global is a company led by a team of professional expertise in Global Sourcing, Supplier Quality & Development, Supplier Onsite Audit, Six- Sigma Black Belt Champion Training, Value Add & Value Engineering, Engineering Design Services, Design Automation and more. Holding strong strategic partnerships with various companies, Alchemy Global stresses on offering complete turnkey solutions & services around Sales & Marketing, Engineering, Procurement, Sourcing, Consulting, Inspection & Audits with measurable results, in a timely manner, placing a clear emphasis on transparency in operations, high-level customer service & support. “The response or service level is poor compared to the Chinese Supplier at present, we act as IPO Partner for the major companies in the US and also coordinate to ensure on the timely deliverables to the customer”, says Thajudeen M., Managing Partner, Alchemy Global.
Exercising in the Sourcing and Procurement industry, as Alchemy desires to be the most reliable choice in Consulting it strives to bringing change in the way the customers perceive business tasks and implement innovative solutions today. Alchemy offers its clients a global and local footprint keeping the customer-first approach bringing in diversity in its services, while also focusing on cost optimization and faster response in defined timeline. “As we ventured into business just before COVID, we had time in our hands, thus we strategized and prioritized on our focus areas, explored many things in the past, and later narrowed down to the Global Sourcing Services and Engineering Services. Where major MNCs have their own team in India, we cover the bandwidth gap for them and act as an extended arm, expanding geographically on the customers’ need and supplier locations”, further adds Thajudeen.
Global Standard Services
Alchemy Global’s specialized Procurement, Sourcing & Consulting services include, Vendor identification, Sourcing of raw materials, castings & precision machined parts, Sourcing of Sheetmetal and Press tool components, Procurement service (7-Step Collaborative process), Pilot lot manufacturing follow-ups, and setting standards for mass production, and Indirect Sourcing. The company’s strategic services meet the needs of all types and sizes of clients be it small startups, SMEs, or large firms. Essentially, where developing a comprehensive procurement process is a common challenge faced by most businesses across industries, Alchemy Global’s effective 7-Step Collaborative procurement process is critically devised to retain success.
Typically a sourcing project runs for 32 weeks for complete cycle and it may vary case to case. it moves through the stages as follows - Opportunity Assessment, RFI & RFQ Management, Business Award, Execution & Expedition Plan Review, Sample Qualification & Approval (through PPAP), Pilot Lot & Production Ramp up, and Procurement Cycle. “We follow a 7-Step Sourcing & Procurement process followed by major Global MNCs in the world today. We ensure to have the first-time sample approval pass through (FPT). We do follow PPAP, APQP as per the customer requirements, while our primary focus lies on all Non-Automotive industry segment. We also offer warehousing solution for our customers in the US, and that helps a lot in major sourcing projects diversion to India”, says Thajudeen.
While the top priority for Alchemy Global is to simplify and increase the efficiency of the business processes, delivering tangible value, within aforesaid timelines, it prioritizes to form a close partnership with its customers, and also stresses on continual improvement in its conduct, and leading its team to sharpen their skills and strengthen their spirit. It also follows and adopts new technologies and process tools to ensure the deliverables. There have been many instances where Alchemy’s exemplary services have proved to be a success. Describing its accomplishments Thajudeen adds, “Our 50- days trip to the US has proved remarkable in our growth journey, helping us to expand our business further.
"Essentially, where developing a comprehensive procurement process is a common challenge faced by most businesses across industries, Alchemy Global’s effective 7-Step Collaborative procurement process is critically devised to retain success"
Amidst our several projects, few are, where we have placed supplier quality engineer resources at supplier place to develop the large projects for one of our US clients, and expanded the India Supply base from 1 to 18 supplier providing the timely services. We have also helped one of our clients with RM Sourcing, where the COO has to be in INDIA to crack a multi-million dollar deal. Furthermore, we’ve closely worked to have sample approved and expecting to have the production order soon. It is our such efficient efforts, that have helped us to reach the next level and stay head of the curve”.
Alchemy offers its clients a global and local footprint keeping the customer-first approach bringing in diversity in its services, while also focusing on cost optimization & faster response in defined timeline
Future Plans Ahead
The firm is aiming to be the first global choice & value-add partner for client’s reliable Global Sourcing and Engineering Services. It aspires to bring $100 million business to India and export out to the US by 2025 onboarding multiple clients. Where clients’ concerns hover around cost-efficiency relishing standard services with latest technology solutions, Alchemy Global also is keen working with simulation of technologies in its services.
The strong trajectory growth of India’s exports is set to bestow the Sourcing & Procurement industry with great opportunities in the future and Alchemy Global is all set to expand on its services, bagging the most projects and onboarding international clients.